Quarterly report [Sections 13 or 15(d)]

Fair Value Measures

v3.25.1
Fair Value Measures
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measures
NOTE 12 — FAIR VALUE MEASURES

Certain assets and liabilities are reported at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price, representing the amount that the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants, under a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:
Level 1 — observable inputs such as quoted prices for identical assets or liabilities in active liquid markets;
Level 2 —
inputs, other than the quoted market prices in active markets, that are observable, either directly or indirectly; or observable market prices in markets with insufficient volume or infrequent transactions; and
Level 3 —
unobservable inputs for which there is little or no market data available, that require the reporting entity to develop its own assumptions.

The Company's assets and liabilities measured at fair value are categorized as Level 1 or Level 2 instruments. Level 1 instrument valuations are obtained from real-time quotes for transactions in active exchange markets involving identical assets. Level 2 instrument valuations are obtained from inputs, other than quoted market prices in active markets, that are directly or indirectly observable in the marketplace and quoted prices in markets with limited volume or infrequent transactions.

Assets and liabilities measured at fair value on a recurring basis are as follows:

As of March 31, 2025
(in thousands) Level 1 Level 2 Level 3 Total
Assets:
Cash equivalents:
Money market funds $ 364  $ —  $ —  $ 364 
U.S. government treasury bills
 —  10,158  —  10,158 
Time deposits (1)
—  39,841  —  39,841 
Short-term investments:
Available-for-sale short-term investments: (2)
U.S. government treasury bills
 —  333,007  —  333,007 
Other short-term investments:
Money market funds 247  —  —  247 
Mutual fund shares 1,822  —  —  1,822 
Prepaid expenses and other current assets:
Derivative financial instruments —  17,259  —  17,259 
Other non-current assets:
Money market funds 1,801  —  —  1,801 
Mutual fund shares 27,925  —  —  27,925 
Derivative financial instruments —  4,929  —  4,929 
Total assets measured at fair value $ 32,159  $ 405,194  $ —  $ 437,353 
Liabilities:
Accrued liabilities:
Derivative financial instruments $ —  $ 1,377  $ —  $ 1,377 
Other long-term liabilities:
Derivative financial instruments —  1,748  —  1,748 
Total liabilities measured at fair value $ —  $ 3,125  $ —  $ 3,125 
(1) Time deposits are carried at amortized cost on the unaudited Condensed Consolidated Balance Sheets, which reasonably approximates fair value.
(2) Available-for-sale short-term investments have remaining maturities of less than one year.
Assets and liabilities measured at fair value on a recurring basis are as follows:

As of December 31, 2024
(in thousands) Level 1 Level 2 Level 3 Total
Assets:
Cash equivalents:
Money market funds $ 160,743  $ —  $ —  $ 160,743 
U.S. government treasury bills
 —  84,622  —  84,622 
Time deposits (1)
—  22,306  —  22,306 
Short-term investments:
Available-for-sale short-term investments: (2)
U.S. government treasury bills —  281,499  —  281,499 
Other short-term investments:
Money market funds 384  —  —  384 
Mutual fund shares 1,725  —  —  1,725 
Prepaid expenses and other current assets:
Derivative financial instruments —  24,629  —  24,629 
Other non-current assets:
Money market funds 1,263  —  —  1,263 
Mutual fund shares 29,225  —  —  29,225 
Derivative financial instruments —  9,137  —  9,137 
Total assets measured at fair value $ 193,340  $ 422,193  $ —  $ 615,533 
Liabilities:
Accrued liabilities:
Derivative financial instruments $ —  $ 1,725  $ —  $ 1,725 
Other long-term liabilities:
Derivative financial instruments —  13  —  13 
Total liabilities measured at fair value $ —  $ 1,738  $ —  $ 1,738 
(1) Time deposits are carried at amortized cost on the unaudited Condensed Consolidated Balance Sheets, which reasonably approximates fair value.
(2) Available-for-sale short-term investments have remaining maturities of less than one year.
Assets and liabilities measured at fair value on a recurring basis are as follows:

As of March 31, 2024
(in thousands) Level 1 Level 2 Level 3 Total
Assets:
Cash equivalents:
Money market funds $ 57,144  $ —  $ —  $ 57,144 
U.S. Government treasury bills —  74,828  —  74,828 
Time deposits (1)
—  40,699  —  40,699 
Short-term investments:
Available-for-sale short-term investments: (2)
U.S. Government treasury bills —  366,982  —  366,982 
Other short-term investments:
Money market funds 343  —  —  343 
Mutual fund shares 1,945  —  —  1,945 
Prepaid expenses and other current assets:
Derivative financial instruments —  14,842  —  14,842 
Other non-current assets:
Money market funds 1,532  —  —  1,532 
Mutual fund shares 25,449  —  —  25,449 
Derivative financial instruments —  5,423  —  5,423 
Total assets measured at fair value $ 86,413  $ 502,774  $ —  $ 589,187 
Liabilities:
Accrued liabilities:
Derivative financial instruments $ —  $ 1,918  $ —  $ 1,918 
Other long-term liabilities:
Derivative financial instruments —  155  —  155 
Total liabilities measured at fair value $ —  $ 2,073  $ —  $ 2,073